iPhone for a photograph in New York, U.S., on Monday, Oct. Square, a credit card reader made for smartphones, is plugged into an Apple Inc. “Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.” “We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles,” he said in a statement. (TWTR)’s, said Square and Afterpay have a “shared purpose.” The acquisition is not only Square’s largest ever, but it’s also the largest acquisition of an Australian company ever - according to data from Refinitiv.ĭorsey, who serves as Square’s CEO in addition to Twitter Square said it expects the all-stock deal to close in the first quarter of 2022. Square says 100,000 merchants globally use the platform, and that it has more than 16 million customers. Payment analysts have pointed to the trend as particularly popular among Millennials and Generation Z, who are wary of taking on credit card debt.Īfterpay, meanwhile, is among the most prominent companies in the space. Such offerings have grown in popularity as a way to reach younger consumers and keep up with the rapid shift to online shopping in the pandemic. It’s best known for its buy now, pay later offerings - a service that allows customers to divide retail and online payments into installments. The acquisition is Square’s largest ever.Īfterpay was founded in 2015 and launched in America in 2018. That will give “even the smallest of merchants” the ability offer buy now, pay later services at checkout, among other offerings.
Square - the financial payments company known for its popular Cash App - said it plans to merge Afterpay with its existing apps. (SQ) is spending $29 billion on an Australian buy now, pay later firm - a massive purchase that will help his company build out its global payments empire.
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